---
title: IRS Announces 2024 Contribution/Benefit Limits
description: The IRS recently announced 2024 dollar limits on benefits and contributions for qualified retirement plans.
image: https://blog.multnomahgroup.com/hubfs/Blog_News.png
---

[![Multnomah Group](https://blog.multnomahgroup.com/hs-fs/hubfs/canoe/logo-color.png?width=415&name=logo-color.png "Multnomah Group")](https://www-multnomahgroup-com.sandbox.hs-sites.com)

[Careers](https://www.multnomahgroup.com/careers)

Follow Us: <https://www.linkedin.com/company/multnomah-group-inc> <https://twitter.com/MultnomahGroup> 

<https://blog.multnomahgroup.com/forward-thinking/irs-2024-contribution-and-benefit-limits#search>

[![Contact Us](https://no-cache.hubspot.com/cta/default/309123/8ea0f5b0-6d32-4c0c-be03-e645ed736c36.png)](https://cta-redirect.hubspot.com/cta/redirect/309123/8ea0f5b0-6d32-4c0c-be03-e645ed736c36)

# IRS Announces 2024 Contribution/Benefit Limits

November 2, 2023

The IRS announced 2024 dollar limits on benefits and contributions for qualified retirement plans. 

Listed below are the most common limits.

## Defined Contribution Plans

- The contribution limit for elective deferrals is increased from $22,500 to $23,000
- The total contribution limit for employer and employee contributions has increased from $66,000 to $69,000.
- The annual compensation limit increases to $345,000 from $330,000
- The age 50 catch-up is unchanged and remains at $7,500
- The limit for defining ‘highly compensated employee’ for top heavy determination has increased to $155,000 from $150,000.

## Defined Benefit Plans

- The limitation on the annual benefit has increased to $275,000 from $265,000.

For additional information, download our 2024 Maximum Benefits and Contribution Limits reference material.

[![Download IRS Limits Resource](https://no-cache.hubspot.com/cta/default/309123/interactive-143645595446.png) ](https://blog.multnomahgroup.com/hs/cta/wi/redirect?encryptedPayload=AVxigLKLb4wVHYc1w3GsOXwtwEGRLd7pstotobkHIgm%2BpWgM%2FTBgqwLZH9PaZZZMNM%2F20abLUC8HFTjQ6wXuCp9%2FqBea%2Fx8cNOUGQ3Idb4%2BoVatukFbcH85u6pfPkYqx53UQcLFw4PSSsuzHCES%2B6Wmsb%2B961JXRtLVhH53byR6nRJoCcjfF3HsitqelyyEqOJxJjCOdcNKYmogtkv9dFqIQ3lFs5znNQj99%2BJSUKFs5GbLCYx5Ei0uKebrcM%2BmPoujwVs0nMmpCGDDRNeym&webInteractiveContentId=143645595446&portalId=309123)

### Subscribe To Our Blog

[Contact](https://www.multnomahgroup.com/about-us/contact-us) [(888) 559-0159](tel:8885590159) [1155 SW Morrison Street, Ste 501, Portland, OR 97205](https://www.google.com/maps/place/1155+SW+Morrison+St+Suite+501,+Portland,+OR+97205)

© 2026 Copyright Multnomah Group Inc.